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LONDON: Tata Steel on Friday said it is being forced to commence legal action to challenge the validity of a steelworkers’ union strike ballot, as it warned that its blast furnaces at Port Talbot may have to pause operations amid the industrial action. The Mumbai-headquartered steel major had originally...
NEW DELHI: The government should double standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh in the upcoming Budget, tax and consultancy firm EY said. Listing out the priorities on taxation reforms in the upcoming Budget,...
NEW DELHI: The Centre in the upcoming Budget may stick to its capital-receipts target of Rs 50,000 crore in 2024-25 (FY25) on account of disinvestment, asset monetisation, and other capital receipts, continuing its new calibrated approach to asset-sale strategy, according to official sources. Further, the focus will remain on...
NEW DELHI: After the pandemic, the corporate sector, comprising both the private and public-sector companies, have acquired a lager share of India’s savings as households ceded their share, but they still reported a relatively lower increase in the financing of capital formation, according to official data. Households’ (HH) savings...
NEW DELHI: The government may delay a planned privatisation of state-run general insurers, focusing instead on strengthening the three insurers—Oriental Insurance Co. Ltd, National Insurance Co. Ltd, and United India Insurance Co. Ltd—through capital support and business revival plans. It is expected to infuse about ₹5,000 crore into the...
NEW DELHI: In a move that might give a fillip to affordable-housing finance projects, state-owned India Infrastructure Finance Company Ltd (IIFCL) is planning to enter this real estate segment. “So far, we have not been involved in affordable housing financing. However, we aim to enter this segment soon,” said...
NEW DELHI: India’s indigenous crude oil and condensate production witnessed a decline of 1.1 per cent in May 2024, totaling 2.5 million metric tonnes (MMT), according to the latest data released by the Petroleum Planning and Analysis Cell (PPAC). Among the contributors, Oil India Limited (OIL) produced 0.3 MMT,...
NEW DELHI: India’s steel trade deficit, the difference between imports and exports, has widened to ₹4,284 crore in the first two months (April and May), approximately 47 per cent of the ₹9,036 crore recorded in FY24, as the country continues to be a net importer of the metal, with...
NEW DELHI: The Coal Ministry is planning to offer long-term coal linkages to the non-regulated sector (NRS) consumers, without end use restrictions, a move that will not only boost supply of the critical fuel but also aid companies in better planning of the key resource. The development assumes significance...
WASHINGTON: Progress in defence partnerships, critical emerging technologies and economic prosperity can be achieved when an “ambitious India” works with an “ambitious America during Modi 3.0, US envoy Eric Garcetti has said. Congratulating Prime Minister Narendra Modi, the BJP and the ruling NDA coalition for their successful election, Garcetti...
NEW DELHI: Shares of Mazagon Dock Shipbuilders soared up to 7.36 per cent, hitting its 52-week high of Rs 4269.75 per share on the BSE Wednesday’s early morning deals. The stock had hit it a 52-week low of Rs 1,223.05 on June 27, 2023. However, today’s uptick in the...
NEW DELHI: Certain chunks of the Telecommunications Act, 2023, will come into effect from Wednesday, allowing the Centre and state governments to intercept messages, and take temporary possession of telecom networks in the interest of public safety or during emergencies. New rules on right of way for telecom infrastructure...
MUMBAI: RBI governor Shaktikanta Das said that the country is at the threshold of a major structural shift in its growth trajectory and is moving towards an annual growth of 8% in a sustained manner. He said that such a growth outlook gives RBI the space to ‘single-mindedly and...
NEW DELHI: Exporters have called for a government-led initiative to develop a India-based shipping line of global standing. This would reduce the shipping costs, and help sharpen Indian exports’ competitiveness in the global markets, they feel. According to Federation of Indian Export Organisations (FIEO) India remitted $ 109 billion...
NEW DELHI: The government is developing a “Labour Welfare and Employment Index” (LWEI), which would rank states/UTs on parameters of employment, labour welfare, social security coverage, and productivity. Through the index, it aims to encourage “healthy competition” between the states, and enhance ease of doing business, official sources told...
As the Indian contingent is gearing up for participating in the 2024 Olympics in Paris next month, companies that have been supporting the athletes would be keenly following their performances. The foundations of several companies, such as the Reliance Group, Tata Steel, JSW, Hindustan Zinc and SKF India, have...
MUMBAI: With the geopolitical scenario changing, crude oil prices could go up again. Brent crude oil price is already up by about 10 per cent since the first week of June to around $85 per barrel now. Joel Hanley, global director, crude & fuel oil markets, S&P Global Commodity...
NEW DELHI: The role of gas-based power generation, which currently accounts for around 2 per cent of India’s power generation, may become limited to just providing grid flexibility by FY30, a study by the Institute for Energy Economics and Financial Analysis (IEEFA) has projected. The IEEFA in its global...